July 10, 2009, Newsletter Issue #65: Three Things to Watch for with Payday Loans

Tip of the Week

When applying for a payday loan, there are three things to keep an eye out for.

High fees and interest. Payday loans can be very helpful in a jam, but keep an eye on the fees. Depending on who you get your loan from, you may face very high interest rates and fees due to the short term of the loan. Paying annual percentage rates as high as 5,000 percent or higher is not unheard of in the payday loan spectrum. However, at cashloansource.com, we keep you from being caught by these exorbitant fees by only putting you together with payday lenders that charge reasonable fees and interest.

Limited time of repayment. No matter where you go to get your payday loan or credit advance, you must be prepared to pay the money back quickly, typically within two to four weeks. If your check does not go through at that time for the amount, or something else happens that keeps you from repaying, you could face further fees, collection and more. If you know you will not have the money to repay the loan in time, you should think twice before securing it, considering the penalties.

Credit checks. Many have asked the question as to whether or not there is a credit check involved with payday loans. Most payday lenders usually do not check your credit, but there are those that do. A credit check can show up on your credit report and could potentially affect your score. No matter what type of credit situation you’re in, it should have no bearing on your ability to secure a payday loan. If they do ask for a credit check, it could very well be a scam, perhaps for identity theft. That’s why you should use cashloansource.com. We’ve brought together the best programs in order to give you easy access to those that are legitimate and safe.

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